GBPUSD: Consolidates With Downside Bias!
Recommendations: Short positions below 1.3571 levels with 1.3525 & 1.3500 as next targets.
Alternative scenario: Above 1.3571 look for further upside to the 1.3600/1.3630 levels.
Description: As long as 1.3571 resistance holds on a 4-hour closing basis, the GBPUSD remains on the downside to the 1.3525/1.3500 levels, a halt is likely but a cut will aim the 1.3475 levels, further down, support comes at the 1.3450 levels. On the upside, a 4-hour closing above 1.3571 will open 1.3600/1.3630 levels where another fall is likely.
Key data events which may affect GBPUSD pair today:
1- U.K Average Earnings Index +Bonus (Mar) at 08:30 GMT.
2- U.K Claimant Count Change (Apr) at 08:30 GMT.
3- U.S (Core) Retail Sales data at 12:30 GMT.